Riyadh—Amlak
At its sixth meeting, the Board of Directors of Makkah Construction and Development Company adopted a number of resolutions, including a recommendation to distribute dividends for the fiscal year 2012 at a rate of 25% of the capital, amounting to 412,040,600 riyals, or 2.5 riyals per share, provided that shareholders are registered in the Tadawul registry by the close of trading on the day of the General Assembly of Shareholders, subject to approval by the company’s General Assembly of Shareholders, which will be announced at a later date.
The company clarified in an announcement published on the Tadawul website today that the Board of Directors meeting approved the balance sheet, income statement, cash flow statement, and statement of changes in shareholders’ equity for the fiscal year ending April 30,1434 AH, as well as the Board of Directors’ annual report for the past fiscal year and the invitation to the company’s shareholders to attend an ordinary general meeting, the notice for which will be issued later after obtaining the necessary approvals from the relevant authorities.
The company had previously announced its financial results for 2012, reporting a net profit of 379 million riyals, compared to 323 million riyals for the previous year—an increase of 17%—with earnings per share of 2.30 riyals, compared to 1.96 riyals the previous year.
The company attributed the increase in net profit during the current period compared to the same period of the previous year to higher occupancy rates at the Makkah Hilton Hotel and Towers, a rise in the average room rate, and increased revenue from retail space rentals.